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consumer price index |
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Consumer Price Index: see cost of living cost of living, amount of money needed to buy the goods and services necessary to maintain a specified standard of living . The cost of living is closely tied to rates of inflation and deflation. ..... Click the link for more information. . consumer price index (CPI)Measure of living costs based on changes in retail prices. Consumer price indexes are widely used to measure changes in the cost of maintaining a given standard of living. The goods and services commonly purchased by the population covered are priced periodically, and their prices are combined in proportion to their relative importance. This set of prices is compared with the initial set of prices collected in the base year to determine the percentage increase or decrease. The population covered may be restricted to wage and salary earners or to city dwellers, and special indexes may be used for special population groups (e.g., retirees). Such indexes do not take into account shifts over time in what the population buys; when modified to take subjective preferences into account, they are called constant-utility indexes. Consumer price indexes are available for more than 100 countries. |
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? Mentioned in | ? References in periodicals archive | |
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j,t] are consumer price indexes for the United States and economy j. The Grumbach study, according to Banks, was based on the meshing of annual consumer price indexes and gross domestic product figures. Combine this kind of market activity with increasingly positive national economic reports including improvement in employment, inflation in check as demonstrated by both producer and consumer price indexes, increasing retail sales, gains in domestic car sales, and an optimistic forecast by the nation's purchasing managers among other signs, and you have reason to believe the bottom is behind us and momentum is building for a sustained recovery. |
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consumer price indexes
